Smart Refinance FAQs

What does the Smart Refinance loan application process involve?

Applying for a Smart Refinance is convenient. Here's how it works:

Apply online, by phone or at any U.S. Bank branch.

After we have reviewed your application, a U.S. Bank branch officer and/or our Income Documentation Specialist will ask you to provide documentation to underwrite your loan, such as income documents and proof of insurance. Depending on your situation, you may be asked to provide additional documents in order to process your application.

We will order a property appraisal to value your property.

Once your application has received final approval, your U.S. Bank branch officer will call you to schedule a loan closing.

At the closing, you'll sign documents to get your loan. Funds will be available after a waiting period of three business day if loan is secured by a primary residence.

Is Smart Refinance an actual first mortgage on my house?

Yes. A Smart Refinance is a first mortgage (a first lien against your home). At your loan closing, you’ll sign a Mortgage/Deed of Trust, which will be filed with the County Recorder's Office.

Is Smart Refinance a loan or a line of credit?

Smart Refinance is a fixed-rate loan with terms of up to 20 years. It is not a line of credit.

Can I use Smart Refinance to purchase my primary residence?

No. A Smart Refinance cannot be used to purchase a property – only to refinance a property you already own. If you are looking to purchase a home, options are available through U.S. Bank Home Mortgage.

Is the interest tax deductible?

Because a Smart Refinance is a mortgage, typically the interest may be tax-deductible. Consult your tax advisor regarding tax deductibility.

Can I roll a home equity loan or line of credit into a Smart Refinance when I refinance my home?

Yes. If you have enough equity in your home, you can consolidate a home equity loan or line of credit or other debt (like a credit card or car loan) into a Smart Refinance for a first-lien mortgage loan.

What terms are available on a Smart Refinance?

Terms are available up to 20 years.

More About Smart Refinance

If you owe less than $150,000 on your home, a Smart Refinance may be a good way to refinance your current mortgage for new terms or cash out. This option may take less time and requires less paperwork than a regular refinance or cash-out refinance – and if you choose the no-closing-cost option, you may save even more.

Get Started

If you choose the no-closing-cost option and pay off your loan early, a prepayment penalty may apply.

Smart Refinance – 4.24% fixed Annual Percentage Rate (APR) is available on or after 12/05/2014 for 15-year first-position home equity installment loans $40,000 to $250,000 with loan-to-value (LTV) ratios of 80% or less. Higher rates apply for higher LTV ratios, certain property types, lower credit scores or other loan amounts. The APR reflects a 0.50% interest rate reduction for having automatic payments from a U.S. Bank personal Package Checking account. Automatic payments from a US Bank Personal Package Checking account is required to receive the lowest rate advertised. Automatic payments are not required for loan approval. See the Consumer Pricing Information brochure for terms and conditions that apply to U.S. Bank Package Checking accounts. Loan payment example: on a $40,000 loan for 180 months at 4.24% interest rate, monthly payments would be $300.71. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included and an initial customer deposit may be required if an escrow account for these items is established. APR is 4.24%. No closing cost option: (a) is available for customers with a debt to income ratio of 43% or less; (b) customer pays no closing costs, except escrow related funding costs; (c) an early closure fee of 1% of the original loan amount, maximum $500, will apply if the loan is paid off and closed within the first three years; (d) customers can choose to remove the early closure fee by paying an origination fee of 1% of the loan amount, maximum $500. Customers with a debt-to-income ratio above 43% do not have an early closure fee.

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Property insurance is required.

U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

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